INSUBCONTINENT EXCLUSIVE:
Paytm has priced its 85.1 million-share issue at the top of the range at Rs 2,150 each.New Delhi: Indian digital payments company Paytm is
set to make its stock market debut on Thursday, after its $2.5 billion initial public offering (IPO), India's largest, was oversubscribed
last week.Paytm, which counts China's Ant Group and SoftBank among its backers, raised $1.1 billion from institutional investors and last
week received $2.64 billion worth of bids for the remaining shares on offer, or 1.89 times.Also Read: Paytm's Vijay Shekhar Sharma Goes From
'Ineligible' Bachelor To BillionaireThe company, headquartered on the outskirts of New Delhi, has priced its 85.1 million-share issue at the
top of the range at Rs 2,150 ($28.92) each
It had flagged a price range of Rs 2,080-2,150 per share for the deal.Some market analysts said they expected the shares to nudge higher on
their debut despite Paytm's expensive valuation.Engineering graduate Vijay Shekhar Sharma founded Paytm in 2010 as a platform for mobile
The company grew quickly after ride-hailing firm Uber listed it as a quick payment option in India and its use swelled further in late 2016
when New Delhi's shock ban on high-value currency notes boosted digital payments.Paytm's success has turned Sharma, a school teacher's son,
into a billionaire with a net worth of $2.4 billion according to Forbes
Its IPO has also minted hundreds of new millionaires.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated
